Medical loans refers to loans incurred by individuals due to health care costs and related expenses. In most cases medical loans in Nigeria are not provided by the hospital itself, but by a partner provider.
Medical debt is different from other forms of debt, because it is usually incurred accidentally or faultlessly. People do not plan to fall ill or hurt themselves, and health care remedies are often unavoidable. Medical debt is often treated with more sympathy than other kinds of debt resulting in advice that people ought not try to convert it to credit card debt.
How much can you borrow for your procedure?
You can borrow anywhere between N50,000 and N2,000,000 over one to 5 years. The variety and flexibility you can borrow varies to suit what you need, over a time period that will make your repayments manageable. As long as you can afford the monthly payment plan, the amount you borrow is entirely your decision. The lender may limit the amount you can borrow based on the type procedure you may require and your financial situation.
How is the money paid?
If you get a loan specifically designed to cover medical costs, the money will be paid straight to the hospital. Whereas If you get a personal loan, or add the cost to your salary advance, you will receive the money yourself and have to pay the hospital.